Consolidated Freightways Announces Stock Repurchase Program.MENLO PARK Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. , Calif.--(BUSINESS WIRE)--Aug. 13, 1998--Consolidated Freightways Corporation announced today that its Board of Directors has authorized the repurchase of up to $25 million of common stock from time-to-time in open market or through privately negotiated transactions, based on market conditions. Consolidated Freightways Consolidated Freight was the 3rd biggest trucking company in the US. In the 1930s they started their own truck manufacturing operation, Freightliner, now part of DaimlerChrysler. Corporation currently has 23,048,754 shares of common stock outstanding. W. Roger Curry, president and chief executive officer, said, "The Board of Directors adopted the share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program because it believes the stock is an excellent investment at recent price levels. The company's strong balance sheet supports this attractive investment without limiting other investment opportunities." Repurchased shares will offset dilution from the vesting of restricted shares which have been awarded to over 22,000 full-time, regular employees. Certain statements in this release may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which are subject to a number of risks and uncertaintiesand therefore should not be relied upon as predictions of the future. Such statements are dependent on assumptions that may not be realized and are subject to factors, including those mentioned in the company's most recent Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission, that could cause actual results to differ materially. Consolidated Freightways is a transportation company primarily providing less-than-truckload and logistics services throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and Mexico using its system of 350 terminals and 22,000 employees. The company also provides international freight services between the U.S. and more than 70 countries.
CONTACT: Consolidated Freightways
Mike Brown, 650/326-1700
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